History being madeAll asset classes are being liquidated today (even gold, Bitcoin, etc.) to raise cash. The cash is being used to buy dollars. The dollar is up strongly as a result of the buying.
However, the dollars are being bought so that dollar denominated debts can be paid off. The question is whether there will be enough dollars raised to pay off the debts that are due. If not, look for defaults to begin soon.
The positive scenario for gold takes two forms: One is that government printing presses run at a higher rate and the dollar eventually turns back down. The second is that the selling of gold to raise cash hits bottom and demand from speculators, governments, etc. create bids with no sellers left in the market.